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Serica Energy to Maintain 'Final' Offer for Pharos After Improved Bid from Ratio Petroleum

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Serica Energy (SQZ.L) said Monday its offer for oil and gas explorer and producer Pharos Energy (PHAR.L) is final and will not be increased after Ratio Petroleum Energy raised its offer for the target.

The Israel-based oil and gas explorer, Ratio Petroleum, last week raised its offer to 0.328183 pound sterling per share, and secured irrevocable undertakings from 41.76% of Pharos shareholders in support of its bid.

In response to Ratio Petroleum's higher offer, Serica said it will not increase its 0.326683-pound offer. Serica added it maintains a "highly disciplined approach" to mergers and acquisitions and continues to evaluate opportunities in the UK North Sea and other areas.

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